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What is a Federal Bank Cash Certificate?
A Cash Certificate is a fixed deposit scheme offered by Federal Bank, where you can invest a lump sum amount for a fixed tenure and earn guaranteed returns.
What is the minimum and maximum tenure for a Federal Bank Cash Certificate?
The minimum tenure for a Federal Bank Cash Certificate is 6 months, and the maximum tenure is 10 years.
What is the minimum and maximum investment amount for a Cash Certificate?
The minimum investment amount for a Cash Certificate is ₹1,000, and there is no maximum investment limit.
What is the interest rate offered on Federal Bank Cash Certificates?
The interest rate on Cash Certificates varies based on the tenure and investment amount. Please click here for the latest interest rates.
Is premature withdrawal allowed for Cash Certificates?
Yes, premature withdrawal is allowed for Cash Certificates. However, the bank may levy certain penalties or charges for early withdrawal.
Can I avail a loan against my Cash Certificate?
Yes, you can avail a loan against your Cash Certificate. The loan amount can be up to 90% of the deposit value, subject to certain terms and conditions.
Can I open a Cash Certificate jointly with another person?
Yes, you can open a Cash Certificate jointly with one or more individuals. It can be opened as either "Jointly" or "Either or Survivor" mode.
Are Cash Certificates eligible for tax benefits?
The interest earned on Cash Certificates is taxable as per applicable income tax laws. However, the investment amount is not eligible for any tax benefits.
How can I open a Cash Certificate with Federal Bank?
You can open a Cash Certificate with Federal Bank by visiting the nearest branch or via Internet Banking or Mobile Banking.
Are there any additional benefits for senior citizens?
Yes, senior citizens are eligible for an additional interest rate on Cash Certificates.
What happens if I do not renew my Cash Certificate upon maturity?
If you do not renew your Cash Certificate upon maturity, the bank will credit the principal amount along with the interest earned to your linked savings or current account.
Can I open multiple Cash Certificates?
Yes, you can open multiple Cash Certificates with Federal Bank. There is no restriction on the number of certificates you can hold.